Preemptive inhibition of inflammation and other discomforts caused by surgery is the mainstay approach of Seattle, Washington-based biopharmaceutical company Omeros Corp.(OMER). This strategy of Omeros is derived from its proprietary pharmacosurgery platform.
Before we take a look at Omeros' upcoming events, here's what pharmacosurgery means...
Surgical procedures produce biochemical changes, resulting in inflammation, pain, spasm, loss of function and other problems. The current mode of treating surgical trauma attempts to undo these problems by treating them only after surgery. But in the pharmacosurgery method, targeted therapeutic agents are delivered directly to the surgical site throughout the duration of the surgery, thereby preemptively inhibiting inflammation and other problems caused by surgical trauma.
Omeros has three product candidates under the pharmacosurgery platform namely, OMS302 for use during ophthalmological procedures, including cataract and other lens replacement surgery, to induce dilation of pupils (mydriasis) and reduce postoperative pain ; OMS103HP to improve postoperative joint function and reduce pain following arthroscopic partial meniscectomy surgery and OMS201 for use during urological surgery, including uroendoscopic procedures. Yet another clinical development program of the company is PPAR- gamma agonists for the treatment and prevention of addiction to substances of abuse, which may include opioids, nicotine and alcohol.
OMS302 and OMS103HP are phase III drug candidates while OMS201 has completed phase 1/phase II testing in patients undergoing ureteroscopic removal of ureteral or renal stones.
The clinical program of OMS302 will consists of two randomized, double-blind, placebo-controlled, multicenter trials. The first phase III trial of OMS302 is underway in North America, and data are expected in the first quarter of 2012. The second phase III trial is expected to be initiated following the completion of discussions with regulators.
The clinical program of OMS103HP will consist of two trials conducted in North America and Europe. The company initiated the phase III North American trial of OMS103HP in May of this year and data from this study are expected in the first half of 2012.
The second phase III clinical trial of OMS103HP will begin in Europe, once discussions with European regulatory authorities regarding the trial are completed.
In addition to the pharmacosurgery platform, Omeros also has a couple of compounds under preclinical and discovery stages. They include plasmin coagulopathies for the control of blood loss during surgery or resulting from trauma; MASP-2 antibody therapies to treat disorders caused by complement-activated inflammation; PDE7 compounds for addiction and Parkinson's disease; PDE10 compounds to treat schizophrenia and other psychoses; G protein-coupled receptor, or GPCR, compounds. GPCRs represent the premier family of drug targets and Omeros has unlocked 14 of the 77 Class A orphan GPCRs.
Omeros has agreements in place with Vulcan Inc. and the State of Washington's Life Sciences Discovery Fund Authority, or LSDF, for the GPCR program that were signed last year.
A quick look at the balance sheet...
Since inception in June 1994 through September 30, 2011, the company has recognized $10.3 million of revenue consisting of grant funding from third parties and revenue recognized in connection with funding from Vulcan and LSDF. The accumulated deficit in the above same period is $165.9 million. The company had $32.9 million in cash at the end of third quarter of 2011.
Omeros shares made their Wall Street debut on October 8, 2009 at a price of $10 each. In the past 1 year, the stock has been trading in a range of $3.16 to $8.54. OMER closed Friday's trading up 0.50% at $4.
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